RTTNews | Aug 24, 2020 07:40AM EDT

07:40 Monday, August 24, 2020 (RTTNews.com) - Puxin Limited (NEW) reported second quarter adjusted net income per ADS of RMB 0.51 ($0.07), compared to a net loss per ADS of RMB 0.71, a year ago. Adjusted EBITDA was RMB 80.4 million ($11.4 million), compared to a negative adjusted EBITDA of RMB 25.8 million.

Second quarter net revenues decreased by 5.0% to RMB 601.1 million ($85.1 million) from last year. The company said this decrease was primarily due to the adverse impact of the COVID-19 pandemic on the demand for study-abroad tutoring services. Net revenues of K-12 tutoring services increased by 14.0% to RMB 419.7 million ($59.4 million).

Student enrollments increased by 18.1% year-on-year to 856,674 from 725,118.

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